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EXHIBIT 10.7


                        INCENTIVE STOCK OPTION AGREEMENT

INCENTIVE STOCK OPTION AGREEMENT made as of the 28th day of January, 2003 (the
"Grant Date"), between Marine Products Corporation, a Delaware corporation
(hereinafter called the "Company"), and ((Employee Name)), an employee of the
Company or one or more of its subsidiaries (hereinafter called the "Employee").

WHEREAS, the Company desires to afford the Employee an opportunity to purchase
shares of its Common Stock, par value $0.10 per share (hereinafter called the
"Common Stock"), pursuant to the terms and provisions of the Company's 2001
Employee Stock Incentive Plan (hereinafter called the "Plan"), as hereinafter
provided.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth
and Employee's employment by the Company, the parties hereto agree as follows:

         THE PLAN. This Option Agreement is made pursuant to and in accordance
with the terms and provisions of the Plan. Anything in this Option Agreement to
the contrary notwithstanding, the terms and provisions of the Plan, all of which
are hereby incorporated herein by reference, shall be controlling in the event
of any inconsistency herewith.

       1.     GRANT OF OPTION. The Company hereby irrevocably grants to the
              Employee the right and option (hereinafter called the "Option"),
              to purchase all or any part of an aggregate of
                  ((Grant Amount)) shares of Common Stock (subject to adjustment
                  as provided in Paragraph 8 hereof), on the terms and
                  conditions hereinafter set forth.

       2.     PURCHASE PRICE. The purchase price of the shares of Common Stock
              covered by the Option shall be $10.22 per share, which amount is
              at least 100% of fair market value of such shares at the date
              hereof, determined in accordance with the Plan, or 110% of such
              value if Employee owns more than 10% of the voting stock of the
              Company.

       3.     VESTING. No portion of the Option shall be exercisable prior to
              January 28, 2004; beginning on such date, the Option shall become
              exercisable as follows:

                     With respect to X shares, on or after January 28, 2004;

                     With respect to X shares, on or after January 28, 2005;

                     With respect to X shares, on or after January 28, 2006;

                     With respect to X shares, on or after January 28, 2007;
                     and,

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                     With respect to X shares, on or after January 28, 2008.

       4.     TERM OF OPTION. To the extent vested pursuant to Section 3, each
              portion of the Option shall remain exercisable through the period
              ending ten (10) years after the date of the grant, subject to
              earlier termination as provided in Section 7 hereof.

       5.     ADMINISTRATION. Unless administration of the Plan is assumed by
              the Board of Directors of the Company, the Plan shall be
              administered by a committee of the Board of Directors of the
              Company constituted in accordance with the Plan, (hereinafter
              referred to as the "Committee".) The Committee is authorized and
              empowered to administer and interpret the Plan and this Option
              Agreement. Any interpretations of this Option Agreement or of the
              Plan made by the Committee shall be final and binding upon the
              parties hereto.

       6.     NON-TRANSFERABILITY. The Option shall not be assignable nor
              transferable except by will or by the laws of descent and
              distribution and shall not be subject to execution, attachment or
              other process. Except as set forth in the Plan, during the
              lifetime of the Employee, the Option shall be exercisable only by
              the Employee. After the death of the Employee, the Option may be
              exercised prior to its termination as set forth in Section 7(b)
              hereof. Employee hereby agrees to retain ownership of, and to
              refrain from transferring, all shares of Common Stock obtained
              upon exercise of the Option for a period of twelve months after
              the date on which such Common Stock is obtained pursuant to the
              exercise of the Option; provided, however, that such twelve month
              transfer restriction shall be rescinded and shall no longer have
              any applicability following Employee's death, Normal Retirement
              (as defined in the Plan) or permanent disability (as determined by
              the Committee in accordance with the Plan). The Company may, at
              its discretion, place a legend to such effect on the certificates
              representing the shares of Common Stock obtained upon exercise of
              the option and issue appropriate stop transfer instructions to the
              Company's transfer agent.

       7.     TERMINATION. The Option may not be exercised by the Employee
              unless he/she, at the time of the exercise, shall have been in the
              continuous employ of the Company or a subsidiary thereof, in a
              position of equivalent or greater responsibility as on the Grant
              Date, except as follows:

              (a)    If, prior to the expiration of the Option, Employee's
                     employment terminates by reason of permanent disability (as
                     determined by the Committee in accordance with the Plan),
                     Employee or his/her guardian may exercise the Option
                     through the earlier of (i) such date of expiration, or (ii)
                     one year after the date of termination of employment, to
                     the extent that the Option was exercisable at the date of
                     termination of employment.

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              (b)    If Employee dies while in the employ of the Company or a
                     subsidiary without having fully exercised the Option, the
                     Option may be exercised prior to its expiration and within
                     six (6) months of the date of death, to the extent the
                     Option was exercisable at the date of death, by the legal
                     representative of the estate or by the legatee of the
                     Employee under the Employee's will.

              (c)    If, prior to the expiration of the Option, Employee's
                     employment terminates by reason of Normal or Early
                     Retirement (as defined in the Plan), Employee may exercise
                     the Option through the earlier of (i) such date of
                     expiration, or (ii) one day less than three months after
                     the Retirement date, to the extent the Option was
                     exercisable at such Retirement date.

              The termination of employment of an Employee for any reason shall
              not accelerate or otherwise affect the number of shares with
              respect to which the Option may be exercised.

       8.     CHANGE IN CAPITALIZATION. In general, if the Company is merged
              into or consolidated with another corporation under circumstances
              in which the Company is not the surviving corporation, or if the
              Company is liquidated, or sells or otherwise disposes of
              substantially all of its assets to another corporation (any such
              merger, consolidation, etc. being hereinafter referred to as a
              "Non-Acquiring Transaction") while the Option is outstanding under
              the Plan, after the effective date of a Non-Acquiring Transaction
              Employee shall be entitled, upon exercise of the Option, to
              receive such stock or other securities as the holders of the same
              class of stock as those shares subject to the Option shall be
              entitled to receive in such Non-Acquiring Transaction based upon
              the agreed upon conversion ratio or per share distribution.
              However, in the discretion of the Board of Directors, any
              limitations on exercisability of the Option may be waived so that
              the Option, from and after a date prior to the effective date of
              such Non-Acquiring Transaction, shall be exercisable in full.
              Furthermore, in the discretion of the Board of Directors, the
              right to exercise may be given to Employee during a 30-day period
              preceding the effective date of such Non-Acquiring Transaction. If
              the Option is not exercised within such 30-day period it may be
              canceled by the Board of Directors as of the effective date of any
              such Non-Acquiring Transaction. To the extent that the foregoing
              adjustments relate to stock or securities of the Company, such
              adjustments shall be made by the Board of Directors, whose
              determination in that respect shall be final, binding and
              conclusive. The Committee need not treat other optionees and/or
              options in the same manner as Employee and the Option are treated.
              In no case shall the Company be required to sell a fractional
              share of Common Stock, and the total adjustment as set forth above
              shall be limited accordingly.

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       9.     METHOD OF EXERCISING THE OPTION. Subject to the vesting provisions
              of Section 4 hereof, the Employee may exercise the Option in full
              or in part by written notice to the Company, delivered in person
              to the Treasurer of the Company or mailed, by registered mail,
              return receipt requested, to the Company's principal office at
              Atlanta, Georgia, attention of the Treasurer of the Company;
              provided, however, that if exercised in part, the Option may not
              be exercised for fewer than 100 shares, unless the remaining
              balance of the Option is less than 100 shares, in which case the
              Option may be exercised for the remaining balance. The written
              notice shall state the Employee's intention to exercise the Option
              and the number of shares in respect to which it is being exercised
              and shall be signed by the Employee or a legatee or personal
              representative of the Employee, as applicable. Such notice shall
              be accompanied by payment of the full purchase price of the
              shares, and instructions shall be given as to the address to which
              the stock certificates shall be mailed. The purchase price for the
              shares as to which the Option shall be exercised from time to time
              shall be paid in full in cash and/or unrestricted shares of Common
              Stock already owned by the optionee for a period of at least six
              months, based, in each case, on the Fair Market Value (as defined
              in the Plan) of the shares on the date the Option is exercised,
              unless it shall be determined by the Committee, at any time
              hereafter, in its sole discretion, that unrestricted shares of
              Common Stock are not a permissible form of payment with respect to
              the Option. No shares may be purchased if the Employee is not at
              the time of exercise in the employ of the Company, or a
              subsidiary, except as provided in Section 8.

       10.    REQUIREMENT OF LAW. If any law, regulation of the Securities and
              Exchange Commission, or any regulation of any other commission or
              agency having jurisdiction shall require the Company or the
              Employee to take any action with respect to the shares of Common
              Stock acquired by the exercise of the Option, then the date upon
              which the Company shall deliver or cause to be delivered the
              certificate or certificates for the shares of Common Stock shall
              be postponed until full compliance has been made with all such
              requirements or law or regulations. Further, at or before the time
              of the delivery of the shares with respect to which exercise of
              the Option has been made, the Employee shall, if requested by the
              Company, deliver to the Company his/her written statement that
              he/she intends to hold the shares so acquired by him on exercise
              of the Option for investment and not with a view to resale or
              other distribution thereof to the public. Further, in the event
              the Company shall determine that, in compliance with the
              Securities Act of 1933, as amended, or other applicable statute or
              regulation, it is necessary to register any of the shares of
              Common Stock with respect to which an exercise of the Option has
              been made, or to qualify any such shares for exemption from any of
              the requirements of the Securities Act of 1933, as amended, or
              other applicable statute or regulations, then the Company shall
              take such action at its own expense, but not until such action has
              been completed shall the Option shares be delivered to the
              Employee.

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       11.    NO EFFECT ON EMPLOYMENT. Nothing herein shall be construed to
              grant Employee the right to continued employment with the Company,
              to limit or restrict the right of the Company or any of its
              subsidiaries to terminate an Employee's employment at any time,
              with or without cause, or to increase or decrease the compensation
              of the Employee from the rate in existence at the date hereof.

       12.    INCENTIVE STOCK OPTION. The Option granted hereunder has been
              designated as an "Incentive Stock Option" pursuant to Section 422
              of the Code (as defined in the Plan); provided, however, that to
              the extent that the Option fails for any reason to comply with the
              provisions of Section 422, it shall be treated as a Non-Qualified
              Stock Option (as defined in the Plan). The Company shall have no
              liability whatsoever to Employee in the event the Option fails for
              any reason to satisfy the requirements for Incentive Stock Options
              set forth in Section 422.

       13.    GOVERNING LAW. This Agreement and all awards made and actions
              taken hereunder shall be governed by and construed in accordance
              with the Delaware General Corporation Law, to the extent
              applicable, and in accordance with the laws of the State of
              Georgia in all other respects.

IN WITNESS WHEREOF, the Company has caused this Incentive Stock Option Agreement
to be duly executed by an authorized officer, and the Employee has hereunto set
his/her hand, all as of the day and year first above written.



                                    Marine Products Corporation

                                    By:
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                                    Its:  President



                                    --------------------------------------
                                    Employee Name